{"id":24822,"date":"2025-06-20T19:30:43","date_gmt":"2025-06-20T16:30:43","guid":{"rendered":"https:\/\/forklog.com\/en\/glassnode-analyzes-decline-in-bitcoin-on-chain-activity\/"},"modified":"2025-06-20T19:30:43","modified_gmt":"2025-06-20T16:30:43","slug":"glassnode-analyzes-decline-in-bitcoin-on-chain-activity","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/glassnode-analyzes-decline-in-bitcoin-on-chain-activity\/","title":{"rendered":"Glassnode Analyzes Decline in Bitcoin On-Chain Activity"},"content":{"rendered":"<p>The decline in daily transactions on the Bitcoin network is largely attributed to a drop in non-financial operations and the growing dominance of major players, according to analysts at Glassnode.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Despite <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>\u2019s elevated price, a clear divergence has emerged between market valuation and network activity. In this report, we explore activity across both on and off-chain markets, and examine how network metrics have changed this cycle.<\/p>\n<p>Discover more in the latest Week\u2026 <a href=\"https:\/\/t.co\/vLhL7sllKK\">pic.twitter.com\/vLhL7sllKK<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1935743559564394832?ref_src=twsrc%5Etfw\">June 19, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>Throughout 2023-2024, the number of on-chain transactions per day showed an upward trend, peaking at 734,000 in November. Since the beginning of 2025, the figure has plummeted to between 320,000 and 500,000, <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoins-on-chain-activity-declines-to-october-2023-levels\">approaching lows<\/a> not seen since October 2023.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"499\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692060-2-1024x499.png\" alt=\"Group-137692060-2\" class=\"wp-image-260778\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692060-2-1024x499.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692060-2-300x146.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692060-2-768x374.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692060-2-1536x749.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692060-2.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Meanwhile, the volume of daily transferred value remains at a historically high level, averaging $7.5 billion. <\/p>\n<p>Experts suggest this indicates that the decline in blockchain transactions is linked to the waning hype around assets issued via Taproot (Ordinals) witness data and OP_Return (Runes) fields.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"490\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692061-3-1024x490.png\" alt=\"Group-137692061-3\" class=\"wp-image-260779\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692061-3-1024x490.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692061-3-300x143.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692061-3-768x367.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692061-3-1536x734.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692061-3.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<p>Glassnode also noted that the number of financial transactions remains roughly unchanged, but their average dollar value has reached $36,200. The share of transactions worth $100,000 or more has increased from 66% in November 2022 to 80% currently.<\/p>\n<p>For comparison, in December 2022, transactions up to $100,000 accounted for 34% of the total, but now this figure has dropped to 11%.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"494\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692074-1024x494.png\" alt=\"Group-137692074\" class=\"wp-image-260780\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692074-1024x494.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692074-300x145.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692074-768x371.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692074-1536x741.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Group-137692074.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Glassnode.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThis trend supports the view that high-value participants are becoming increasingly dominant in on-chain activity,\u201d analysts emphasized.<\/p>\n<\/blockquote>\n<p>A significant portion of the Bitcoin economy has shifted off-chain, Glassnode stated. In the spot trading segment, centralized exchanges facilitate this. Over the past year, the average daily trading volume on <span data-descr=\"centralized exchanges\" class=\"old_tooltip\">CEX<\/span> was about $10 billion, peaking at $23 billion in November, but such operations often do not involve asset transfers on the network.<\/p>\n<p>Additionally, the current cycle has seen a sharp increase in trading activity in futures contracts and options, as well as the use of leverage.<\/p>\n<p>According to analysts, the volume of the off-chain Bitcoin market regularly exceeds the total on-chain operations by 7-16 times.<\/p>\n<p>Glassnode experts acknowledged that all these trends have put pressure on miners&#8217; fee income. The share of network fees in revenue has already <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miners-fee-revenue-share-drops-below-1\">fallen below 1%<\/a>. In June, the average figure was $530,000 per day.<\/p>\n<p>Following the latest network difficulty adjustment, Bitcoin&#8217;s difficulty <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-mining-difficulty-stalls-in-growth\">adjusted<\/a> from its <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span> by just 0.45%, continuing to pressure miners&#8217; profitability.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The decline in daily transactions on the Bitcoin network is largely attributed to a drop in non-financial operations and the growing dominance of major players, according to analysts at Glassnode. Despite #Bitcoin\u2019s elevated price, a clear divergence has emerged between market valuation and network activity. In this report, we explore activity across both on and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1273,1268],"class_list":["post-24822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-glassnode","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"112","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/24822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=24822"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/24822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/24821"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=24822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=24822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=24822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}